Multi Residential

Loan Brings More Housing to Lawrence

578-590 Essex Street

Lawrence MA – MassDevelopment has partnered with The Savings Bank to provide $7,599,866 in loan financing to EB Associates LLC and Methuen Street Realty LLC for the redevelopment of two buildings that are adding 58 units of market-rate housing in downtown Lawrence.

MassDevelopment and The Savings Bank also partnered to provide a $4,875,000 loan to EB Associates LLC to buy and renovate 578-590 Essex St. Ten existing retail spaces on the first floor of the building are expected to remain in place, while the building’s two upper floors, which are currently vacant, will be renovated into 30 units.

MassDevelopment and The Savings Bank also partnered to provide a $2,724,866 loan to Methuen Street Realty, which was used for the redevelopment of 389-397 Methuen St. into 28 units of market-rate rental housing. The building, which shares a parking lot with 578-590 Essex St., had been vacant for most of the last decade. Construction has been completed and the building has been fully tenanted since late 2019. For both loans, MassDevelopment and The Savings Bank were 50-50 participants.

Both properties are located near an area of Lawrence currently served by MassDevelopment’s Transformative Development Initiative (TDI), a program designed to accelerate economic growth within focused districts in Gateway Cities. The TDI program works with cross-sector partnerships to engage community members in actionable planning, implement local economic development initiatives, and spur further public and private investment.